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HOW LIFE INSURANCE WORKS!

How much does Life Insurance cost? And why do you need it?

The cost of Life Insurance per month depends on several factors relating to your life. Age, health, smoking status, family medical history, occupation are all taken into account when working out the price of your premiums.

Life insurance is often taken out as a precautionary measure in case the worse happens. It allows peace of mind that your loved ones will be taken care of financially should something happen to you.

Your health is a crucial part of the puzzle in determining premiums, and providers will note down anything that could be an issue. Your hobbies are considered too depending on the activity…

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EXTREME HOBBIES

Some hobbies can be considered extreme by lenders and can bring your premiums up!

A few examples include:

  • Rock Climbing
  • Surfing
  • Weight lifting
  • MMA
  • Motorsports
  • Free Running / Parkour
  • Triathlon

 

Rock climbing and surfing of course are fine if the former is indoors and the latter’s just surfing smaller waves on an English coast. But when they get more extreme this is where your premiums can increase. It’s fairly easy to see where lenders can see these risks for some of the hobbies.

For others such as Triathlon it would be the case that your relatively higher BMI would need to be noted as Body Mass Index doesn’t differentiate between muscle and fat. Having an in-depth discussion with your broker will lead to a decision on what kind of cover is needed for each lifestyle.

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BE HONEST!

You should always be honest with your adviser so you can find the best deal sooner. Of course many hobbies can be healthy lifestyle choices and not affect your premiums!

Hobbies such as:

  • Going for walks.
  • Reading
  • Cooking
  • Yoga
  • Various sports! Football, Cricket, Volleyball!

 

In any case, an expert protection adviser can help you get the best cover for whatever your lifestyle requires!

 

If you’d like to book a consultation to discuss your options, our experienced advisers are here to help you get the life insurance cover you need to secure your family’s future!

 

Give us a call on 08081 551 807.

Download our FREE Protection Guide and check out our other resources!  https://www.mortgagesquared.co.uk/free-resources/

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